The Highest and Lowest Property Taxes, by CityBy RISMedia Staff
How much you pay in property taxes varies significantly and can be influenced based on the home’s worth and location, among other factors. But, what cities have the most and least expensive property taxes?
LendingTree’s new report analyzed U.S. Census Bureau data on the median amount paid annually in each of the nation’s 50 largest metros to find where the highest, and lowest, property taxes are. The report found that median property taxes have increased in each of the nation’s 50 largest metros since 2019, increasing the most in Tampa, Florida (+18%) and the least in Hartford, Connecticut (+1.1%) Key highlights:
Jacob Channel, LendingTree's senior economist and report author, commented that “Though paying property taxes isn’t fun, one of the nice things about them is it can be easy to see their impact. Property taxes are often reinvested directly into the communities from which they came.” “Real estate taxes are generally used to pay for things people and their families frequently use, like roads, schools and emergency response services—including fire departments,” Channel added. “While it can be easy to take these kinds of public services and infrastructures for granted, maintaining them isn’t cheap. Without the taxes to support them, many things in our communities would likely become unusable for the majority of people—or outright disappear. It’s for this reason that paying property taxes is important.” Channel concluded, “Remember that if you’re overburdened by property taxes, or just think that you’re paying too much, you can challenge your assessment. While this doesn’t guarantee that your bill will go down, it can help shed some light on why the government is saying you owe what you do. And, in the best case scenario, you could end up paying less in taxes.” For the full report, click here. |
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